Apreo Health Raises $130 Million in Financing

Apreo Health has closed an oversubscribed $130 million Series B financing round co-led by new investors Bain Capital Life Sciences and Norwest.

First-time investors F-Prime and Intuitive Ventures also participated in this funding round, along with returning financiers Lightstone Ventures and Santé Ventures. The Series B financing will primarily support BREATHE-3 (Bronchoscopic RElease of Air Trapped in Hyperinflated Emphysematous Lung—Study 3), a multicenter, randomized controlled trial that will evaluate the safety and efficacy of the Apreo BREATHE Airway Scaffold. The bronchoscopically delivered implant is designed to relieve lung hyperinflation by releasing trapped air in severe emphysema patients. The Series B money also will fund regulatory activities related to BREATHE-3 and early commercialization efforts to demonstrate strong market potential.

“We are incredibly grateful for the support from this world-class syndicate of investors and their desire to partner to redefine the standard of care in emphysema,” Apreo Health CEO Karun Naga said. “More than 3 million Americans are affected by severe emphysema, yet fewer than 1% receive interventional treatment—a stark reflection of limitations of currently available treatments. Our BREATHE Scaffold offers a fundamentally different approach: a novel implant designed to gently release air trapped in affected lungs, with potential for much broader adoption. This financing marks a significant milestone that enables us to complete a pivotal trial and continue advancing toward expanded access for this population.”

The BREATHE (Bronchoscopic RElease of Air THErapy) Airway Scaffold is a lung implant designed to release air from a hyperinflated lung associated with severe emphysema. The proprietary scaffold is uniquely designed to resist foreign body reaction and promote durability of effect. The device was granted U.S. Food and Drug Administration (FDA) Breakthrough Device Designation in May 2024. The BREATHE Airway Scaffold is an Investigational Device—limited by U.S. law to investigational use.

“Apreo is addressing one of the most underserved populations in chronic obstructive pulmonary disease (COPD) and doing so with clinical clarity and executional rigor,” Norwest General Partner Zack Scott, M.D., stated. “This is a step-change in how we approach emphysema care. The solution is both elegant in design and built for broad, scalable delivery. We’re proud to support Apreo in this next chapter.”

Chronic obstructive pulmonary disease (COPD) is the fourth leading cause of death and the eighth leading cause of poor health worldwide, according to the World Health Organization (WHO). The U.S. Centers for Disease Control and Prevention estimates that nearly 16 million Americans have been diagnosed with COPD, with millions more undiagnosed. Emphysema, a severe form of COPD characterized by the destruction of lung air sacs, affects approximately 3 million U.S. residents and is a leading contributor to COPD-related disability and mortality.

“We are excited to partner with Apreo at this key inflection point in the company’s evolution as it advances the BREATHE Airway Scaffold into late-stage development,” commented Nicholas Downing, M.D., a managing director at Bain Capital Life Sciences. “The device has the potential to deliver meaningful clinical benefit to a broader patient population—addressing the significant unmet need that exists today in chronic obstructive pulmonary disease.”

Apreo Health is redefining interventional pulmonology with a non-destructive, tissue-sparing solution for severe emphysema. Formed at The Foundry, a medtech incubator, and backed by top-tier investors, Apreo is led by a team with deep expertise in both pulmonary medicine and medical device innovation. The company is advancing a therapy purpose-built to expand access, simplify delivery, and transform severe emphysema treatment. Privately held, the company is backed by Bain Capital Life Sciences, Norwest, F-Prime, Intuitive Ventures, Lightstone Ventures, Santé Ventures, and The Foundry.